Contract Law - Contract Law A Mutual Assent-Metting of the...

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Contract Law A. Mutual Assent - Metting of the minds . -both parties must know what they are getting in the contract. Objective reasonable person test. B. Offer -Offeror is making an offer, offeree is accepting the offer -Requirements: -the offer must indicate a clear intent to contract and must be definte in all respects. (sell bike for $400) -4 ways an offer terminates 1. Lapse -expressed term of offer. How long is offer available for (1 week, 1 year?) Must be a reasonable amount of time before offer lapses. Depending on what is being offered (candy bar, house..) 2. Revocation -can occur at any time before offer is accepted. Can take back the offer. 3. Rejection - if person doesn’t want it or if there is a counter offer (which is a rejection of the original offer and there is now a new offer) 4. Acceptance -once accepted contract is over. C. Acceptance -5 ways to accept an offer 1. Mirror image rule - acceptance must mirror the offer. Any deviations by modification, addition or subraction constitutes a rejection and a counter offer . 2. Manner and time of acceptance -if the offer lays out specific ways you have to accept it. If you don’t follow the guidelines person can say you didn’ accept the offer in a the manner and time of acceptance. 3. Mail Box Rule - Accpetance by offeree is valid upon dispatch (email, mail, oral). However, revocation is valid upon reciept. (Must get revocation letter before you mail out acceptance letter.) 4. Silence - usually does not signify acceptance except for long term relationships. If you’ve been doing something regularly for 20 years, you obviously know that the parties have accepted a mutual contract. 5. Unilateral Acceptance - Acceptance occurs once performance has ended. (I’ll promise you this when you finish that.) Bilateral Contract - promise for a promise Unilateral Contract - promise for a performance Every contract must have an offer, acceptance, consideration D. Consideration – Bargain for exchange in which both parties to a contract either give up a benefit or suffer a detriment. (only in bilateral contracts) *look at the promise and break it down. Is there anything being exchanged and is there any bargain?
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  • Spring '08
  • SHERWYN
  • Bilateral Contract- Promise, promise Unilateral contract, Contract Law A., Unilateral Acceptance- Acceptance

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